Golden Finance reported that according to Arkham Intelligence data, as of 4:15 p.m. EST on Monday, the German government address had received 2,898 bitcoins returned by exchanges, equivalent to about $163 million, mainly from Coinbase, Kraken and Bitstamp. Steven Zheng, director of research at The Block, said that the exchange was likely to return the bitcoins because it could not sell them within the target price range. Steven Zheng said: "Considering that some bitcoins have been returned from Coinbase to the German government address, it can be assumed that they are unsold bitcoins and are part of the sales agreement between the cryptocurrency exchange and the country." Data shows that the German government currently holds more than $2 billion worth of bitcoins.